If you are having a hard time making ends meet and you have more bills than you do money and there is no sign of change ahead, you may need to consider filing for bankruptcy. This isn't a decision that you should make lightly, but if you owe money to several different sources and you cannot pay, it is often the only way to protect yourself from banks and lenders taking what little you do have. If you are not sure whether this is something that you should consider, you should seek the advice of a Nevada bankruptcy lawyer.
When you are having financial difficulties it can be really overwhelming. You may be on edge and mentally not where you should be when making financial decisions. This is a good reason to seek the advice of a good lawyer that can help you understand what exactly bankruptcy will mean to you and if it is something you should consider now or if you should give it some time before you take such a drastic step.
The good news is that you can often meet with one of bankruptcy attorneys for a free consultation before you retain their services. This will allow you to talk to the lawyer and determine if this may be something that you should pursue. The consultation will allow you to determine if your personality and the personality will lend themselves to working well together.
You should know that even if you meet with and retain a Nevada bankruptcy attorney that you don't actually have to file for any sort of bankruptcy protection. You can go through these motions simply to get the information about the benefits and drawbacks associated with filing for bankruptcy. When you hire someone who is well versed in bankruptcy law you can get a clear picture of what the next few years will be like. Working with a professional will help take the emotions out of the equation and allow you to make the best possible decision for your future.
It's important to realize that bankruptcy is not simply a "get out of jail free card" what this means is that even if you are a good candidate for bankruptcy you may not be able to do away with all of your debt. You may still have to pay some of your creditors and the choice to file for bankruptcy will be something that follows you around any time you apply for financial assistance or credit anywhere, for at least the next seven years. As you can see, filing now will have repercussions for quite some time, that is why it is best that you do your homework and determine with a professional if this is really the best option for you.
Caitlina Fuller is a freelance writer. If you are not sure whether this is something that you should consider, you should seek the advice of a Nevada bankruptcy attorney. You should know that even if you meet with and retain one of Nevada bankruptcy attorneys that you don't actually have to file for any sort of bankruptcy protection.
Article Source: http://EzineArticles.com/?expert=Caitlina_Fuller
Wednesday, April 1, 2009
Bankruptcy Discharge - What is it and Why Does it Matter?
Filing bankruptcy can be both a rough time and an utter relief. Why? Well, filing is a big step towards getting your financial house in order and finally getting a discharge. What is a bankruptcy discharge and why is it important? I'm glad you asked.
Bankruptcy is the art of getting a second financial chance. It is the rare person these days who hasn't run up credit cards, taken excessive car loans or sucked the equity out of their home to the point it is now upside down from a financial perspective. Then there are those people who've had bad luck to the extent that they've been hit by medical bills or some other financial blast that has just wiped them out. For one and all, filing for bankruptcy can be the only legitimate way to deal with a financial mess.
There are many different types of bankruptcy one can file for. Chapter 7 is an effort to completely liquidate ones debts, but requires the loss of most assets as well. Chapter 13 is more about getting creditors off your back in exchange for a defined plan to repay them. Chapter 11 is the same as Chapter 13, but tailored more towards businesses. Regardless of the filing you make, each of these forms of bankruptcy ends with a discharge.
What is a bankruptcy discharge? It is an order from the court effectively ending your bankruptcy case. It also creates a line in the proverbial financial sand stating that creditors in the case can no longer pursue you for any past debts that were discharged. Any payment plans or non-discharged debts are, of course, excluded.
Why is the discharge so important? Well, it obviously cuts your creditors off at the knees. It also signifies a clear point where you can start moving forward with your life again. This is not to be understated. You've just gone through bankruptcy. This means your finances were a disaster.
You should have learned some lessons from the process. The first lesson is to figure out how to live within your means. The second is there will be a price to pay if you can't live up to your obligations. Finally, you are barred from filing for bankruptcy again for at least seven years. This means you need to keep your financial life in order because the court will not save you again for some time and you really don't want to have two bankruptcies on your record!
Gerard Simington writes for BankruptcyAttorneysandLawyers.com - your resource for California bankruptcy lawyers and attorneys.
Article Source: http://EzineArticles.com/?expert=Gerard_Simington
Bankruptcy is the art of getting a second financial chance. It is the rare person these days who hasn't run up credit cards, taken excessive car loans or sucked the equity out of their home to the point it is now upside down from a financial perspective. Then there are those people who've had bad luck to the extent that they've been hit by medical bills or some other financial blast that has just wiped them out. For one and all, filing for bankruptcy can be the only legitimate way to deal with a financial mess.
There are many different types of bankruptcy one can file for. Chapter 7 is an effort to completely liquidate ones debts, but requires the loss of most assets as well. Chapter 13 is more about getting creditors off your back in exchange for a defined plan to repay them. Chapter 11 is the same as Chapter 13, but tailored more towards businesses. Regardless of the filing you make, each of these forms of bankruptcy ends with a discharge.
What is a bankruptcy discharge? It is an order from the court effectively ending your bankruptcy case. It also creates a line in the proverbial financial sand stating that creditors in the case can no longer pursue you for any past debts that were discharged. Any payment plans or non-discharged debts are, of course, excluded.
Why is the discharge so important? Well, it obviously cuts your creditors off at the knees. It also signifies a clear point where you can start moving forward with your life again. This is not to be understated. You've just gone through bankruptcy. This means your finances were a disaster.
You should have learned some lessons from the process. The first lesson is to figure out how to live within your means. The second is there will be a price to pay if you can't live up to your obligations. Finally, you are barred from filing for bankruptcy again for at least seven years. This means you need to keep your financial life in order because the court will not save you again for some time and you really don't want to have two bankruptcies on your record!
Gerard Simington writes for BankruptcyAttorneysandLawyers.com - your resource for California bankruptcy lawyers and attorneys.
Article Source: http://EzineArticles.com/?expert=Gerard_Simington
Subscribe to:
Posts (Atom)
.jpg)